Author
Topic: Starting a Business (Read 2282 times)

I see many of FOG members have their own business and wanted to ask them how and what type of business they have and why. Did you start with LLC, Corp, or DBA?

A little history of myself, I have recently retired and am getting into woodworking as a hobby, but in time would like to make a little money..to pay for Festools. lol. So, just wondering which is best approach and how you went about it. Also for tax purposes.

I chose a SMLLC for liability, insurance and financial (tax) reasons. You might look into the licensing requirements in your area for a handyman business. Be absolutely sure to have a chat with your insurance agent, too.

Logged

- Willy -

"Remember, a chip on the shoulder is a sure sign of wood higher up." - Brigham Young

When I started out as a one-man show, I was a dba. Once i got to the level of having employees and being a subcontractor on multi-million dollar projects I migrated to an LLC.

Logged

Disclaimer: This post is for educational and entertainment purposes only. Any resemblance to real persons, living or dead is purely coincidental. Void where prohibited. Some assembly required. Batteries not included. Contents may settle during shipment. Use only as directed. No other warranty expressed or implied. This is not an offer to sell securities. May be too intense for some viewers. No user-serviceable parts inside. Subject to change without notice. One size fits all (very poorly).

I am not an attorney, but my advice is to set up a legal entity where you can limit liability to the business - and operate it like a legal entity. A DBA is not a legal entity - and therefore, no protections businesses afford. It is easy to form an entity with the Secretary of State and don't forget about local licensing requirements and tax requirements. The point about insurance is good advice too. It is an easy risk to avoid by setting thing up correctly at the start.

I books has a a couple of good books. I ot one by William Benitez . He has 2 one is free the other you have to buy. They both are very good. Try the free one first it will give you somethings to think about then get the one you have to buy